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Internet of Things(IOT)

Market Research

-By Suyash Mulay, IIM Nagpur


Overview of the industry
Industry IOT division
• 1.9 Bn units installed BFSIOthers
3% 3%
Agriculture
• Fast adoption of analytics, AI, 8% Utilities
25%
ML Retail
9%
• Migration to cloud to improve
synchronization
healthcare
• Mostly start-ups offer IOT 10%

based solutions
Manufacturing
• Require real time data Automotive
18%

11%
• GOI initiatives for smart cities Transport &
logistics
13%
Parameters of evaluation
• Current state and potential of IOT in the sector/industry
• Increase in revenue after IOT adoption
• Future growth expectations of IOT in that industry/sector
• Application in smart cities
Current state and Market Leaders
potential of IOT
Utilities Manufacturing Logistics
1. Smart meters 1. Reduce machine downtime by 1. Fleet management
2. Smart grids regular monitoring 2. Freight monitoring
3. Optimization of power 2. Improve efficiency of 3. Maintenance
usage manufacturing processes 4. Optimize fuel consumption
4. Theft identification and 3. Usage of sensors for In-depth 5. Temperature check and
leakages data analysis on faults, quality quality management of
5. Water management analysis, environment data consumables
6. Smart cities 4. RFID tags to improve productivity
Need to make transport
Utilities sector has high Proactive implementation of IOT convenient and safer
losses, they need smart Private players ready for high Maintenance of vehicles to
solutions to cut down their investment monitor brakes, engine,
costs Looking to cut costs and improve tyres,etc
efficiency by employing analytics Streamline their operations by
Focus on increasing the managing their fleet
efficiency of usages
Current state and potential of IOT
Healthcare Retail Agriculture
1. Realtime tracking 1. RFID tags 1. Nutrient and soil health
2. Equipment troubleshooting 2. Inventory management monitoring in soil
and maintenance 3. Automated notifications to 2. Weather check
3. Wearable technologies like consumers about coupons and 3. Realtime yield analysis
heart rate monitors, step sales 4. Health of livestock
count, sensors to monitor 4. Personalized shopping experience
patients Investment by Government is low
High future prospects In early stages of digitization
High spending readiness Low investment in India in IOT Low research spending
Huge potential as medical Digitization still in initial stages Low encouragement levels for IOT
technologies advance adoption
High acceptance rate of IOT by
organizations
Impact on revenues because of IOT
implementation
Mean Revenue growth (%)
Manufacturing 27.1
BFSI 18.9

Transport & logistics 15.6

Utilities 13.9

Retail 13.3

healthcare 12.3

Automotive 12.3

Agriculture* 9
0 5 10 15 20 25 30
Impact on revenues
• We can see that most of the sectors give around 12-15% of revenue
growth after implementing IOT solution
• The manufacturing sector gives 27.1% growth in revenue, this sector
• High growth in BFSI sector
• Agriculture low growth, not favourable in India
• Overall impact of IOT really positive in terms of revenues
Industry Growth
Industry IOT Growth rate (%)
healthcare 29.9
BFSI 26.5
Transport & logistics 24.7
Manufacturing 21.3
Retail 19.6
Automotive 16.4
Agriculture 14.1
Utilities 13
0 5 10 15 20 25 30 35
Industry Growth
• Healthcare is leading the IOT growth because of increase health
tracking wearable devices, digital health initiatives on smartphones,
also real-time tracking on biomedical devices
• High growth in BFSI due to cloud use, e-wallets service, virtual
assistants, self assisted devices, and high security requirements
• Utilities experiencing comparatively low growth due increased costs
and less private players
Smart Cities
1. Waste management
All of these and more solutions
2. Water management
belong to Utilities sector
3. Smart Street Lighting
4. Smart parking solutions
5. Traffic solutions GOI has targeted to create IOT
6. Energy efficient solutions smart cities market value of
7. Clean Environment 15 Billion

365% growth in
tenders These projects will
3500 smart improve the functioning
city projects the city and also help to
324% growth in
implementation cut costs
Recommendation
• Utilities
• Healthcare
• Manufacturing
References
https://wire19.com/future-of-iot-in-india-current-market-trends-and-use-cases/
 
http://www.iiotindia.co.in/
 
https://www.prnewswire.com/in/news-releases/india-emerges-as-a-hotbed-of-iot-opportunities-as-the-indian-iot-market-is-set-to-soar-to-usd-15-billion-by-2021-says-zinnov-
882132112.html#:~:text=Zinnov%20estimated%20that%20the%20IoT,technology%20products%20and%20services%20components.&text=There%20are%20over%201200%20
public,adoption%20rate%20of%20around%2035%25
.
 
https://www.verdict.co.uk/solutions-for-indian-utility-sector/
 
https://energy.economictimes.indiatimes.com/energy-speak/how-india-should-face-the-energy-dilemma-with-iot/3007
 
https://theory-y.com/2018/04/26/the-state-of-iot-in-india/#:~:text=IoT%20adoption%20in%20India%20has,USD%209%20billion%20by%202020.&text=The%20spread%20of%
20IoT%20cuts%20across%20sectors
.
 
http://www.iotleague.com/current-state-of-internet-of-things-iot-in-india/
 
http://www.iotleague.com/top-accelerators-all-indian-iot-startups-should-know-about/
 
https://www.zdnet.com/article/the-five-industries-leading-the-iot-revolution/
 
https://www.ibaset.com/blog/where-internet-of-things-initiatives-are-driving-revenue-now/#:~:text=Globally%20enterprises%20expect%20to%20increase,and%20Latin%20A
merica%2C%2017.8%25
.
 
https://www.globenewswire.com/news-release/2020/04/09/2014331/0/en/Internet-of-Things-IoT-in-Utility-Market-to-grow-at-13-CAGR-to-hit-52-billion-by-2025-Global-Tren
ds-Key-Stakeholders-Value-Chain-Analysis-Growth-Drivers-Competitive-Landscape-and-B.html#:~:text=Filings%20Media%20Partners-,Internet%20of%20Things%20(IoT)%20in
%20Utility%20Market%20to%20grow%20at,Business%20Opportunities%3A%20Adroit%20Market%20Research
 
http://iotindiacongress.com/iot-applications-for-smart-cities/
 
https://www.financialexpress.com/infrastructure/smart-city-mission-iot-making-things-smoother-for-cities/1595963/

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